One debt or many, that is the question that debt consolidators ask in their advertising and phone solicitations. And that is a very good question. If it comes right down to it, most of us would rather write one check a month rather than 5 or 10. But at what cost? There are some legitimate companies who will consolidate your debts for you, often for a fee. They can't all negotiate lower interest rates, but some can stretch out smaller payments over a longer period of time. Of course, you have to realize that that means more interest over the life of that debt, as well. The other option is to take out a secured loan to consolidate debts, such as a second mortgage, although that may put your home in jeopardy. You must also be wary of illegitimate companies who promise to consolidate debts but only charge you high fees, sometimes hundreds or thousands of dollars, and provide very little benefit. In fact, some even pile up more late payments on your credit record. A lawyer can help you understand all your options and whether you should consolidate debts or seek a more permanent option, such as bankruptcy.